please write it step by step

Marks and Game's owner suffers big loss as shoppers opt for cut-price goods Walmart-controlled Massmart. owner of Makro. Game. Builders Warehouse and Dion Wired. has suflered a headline loss at R550 million for the six months to end June after earning a profit of more than R200 million it the same period last year. Among other headwinds. the company blamed a 12% increase in costs for the loss. This was due to higher salaries after the introduction oi the minimum wage this year as tnrell as load shedding and steeper municipal tariffs. Also. it had to sell more of its products. particularly food. on sale. \"Cash-strapped consumers continue to spend proportionately more on our sales promotion activities which causes further gross margin pressure.\" the company said in its results. Earlier this year Massmart management quoted FNB data that showed that 56% of middle-income consumers in South Alrica spent their entire monthly salary in 5 days or less after receiving it. Massmart. which controls almost 40% ol the local market tor household appliances. saw a 5% increase in sales in South Attica. while outside of South Africa. sales rose by 6.4%. Massmart also does business in Zambia. Nigeria and ten other African countries. its total sales of alcohol jumped by almost 14%. while food 96.4%) and home improvement {6%) sales grew. But durable goods sales only increased by 0.5%. Its prices across all products rose by 2.6% for the past months. it Is difcult to envisage the South Alrican consumer economy lmprovhg In the near-term and negative risks seem heightened in the intemational geopolitical and economic situation. the company warned. 'Massmart's profitability has always been heavily skewed towards the second half of the nancial year and particularly the lourth quarter. which includes Black Friday and the Festive season. which makes near-term llnanclal guidance dlltlcult.' it said. Walmart. the world's biggest retailer. bought Massmart in 2010. The Investment has been a great disappointment. and its share price has halved over the past decade. Alter Massmart's CEO Guy Hayward resigned in May this year. with no reason provided. Walmart appointed one of its \"old hands\" to head Massmart. The 52-year old Mitch Slaps has been with the US giant tor almost a quarter oi a century. and will start in his new role on Monday. Source. Wessennen. H. Marks and Gsme' s dimer suitors big loss as shoppers opt for cut-price goods Finance 24-. 29 August 2019. [OnIIn-e] Wlwsed: on March 2020] 2.1 Identify the market structure in which Massmart operates. Substantiate your answer by applying the features oi your chosen market structure to Massmart and other role players in this market. (8 Marks) Page2ol5 2.2 The article states that the prices across all products rose by 2.6% in the past months. Explain if products in this market structure are typically expected to be elastic. inelastic or unitary elastic. Motivate your answer and use a graph to illustrate the type of elasticity as identified for this market structure. {7 Marks) 2.3 The article states that among other headwlnds. the company blamed a 12% increase in costs for the loss. This was due to higher salaries after the introduction oi the minimum wage this year. as well as load shedding and steeper municipal tariffs. illustrate and explain how implementing a minimum wage would increase unemployment in the identied market structure. {8 Marks)